Good morning. With the Federal Reserve expected to raise rates this week, finance chiefs increasingly look at transferring their pension risks to insurance companies,Leslie Scism reports. Higher rates generally make it less expensive for employers to offload pension obligations.

The trend, led by companies such as General Motors Co., is forecast over time to transform the management of pensions for employers, resulting in less exposure to the fluctuations of the stock and bond markets. Taking over corporate pension plans, the insurance industry gains a source of growth at a time of declining revenues.

“If interest rates go up…there definitely will be a lot [of employers] lining up to do this,” said Robin Diamonte, chief investment officer of United Technologies Corp. The Connecticut manufacturer signed a $775 million deal in October to transfer about 35,000 pension-plan participants to the care of Prudential Financial Inc.

But firms willing to transfer their pension obligations often have to adjust their mix of assets backing the obligations, as insurers generally only want bonds. Rising life expectancy, on the other hand, poses a risk to insurers. Depending on whether retirees live shorter or longer lives than originally forecast, they are set to reap greater profits—or, if things turn out differently, may have to tap other financial resources.

FRC appoints new board member. The Financial Reporting Council, the U.K. regulator for corporate governance and reporting, has appointed Mark Zinkula to its board, effective April 1, Nina Trentmann writes. Mr. Zinkula is CEO of Legal & General Investment Management Ltd. and a director of Legal & General PLC. He follows Elizabeth Corley, the former head of Allianz SE’s Global Investors, who is stepping down from the board after completing her second term.

THE DAY AHEAD

Britain moves closer to Brexit.Britain’s House of Commons will discuss the government’s Brexit bill again. Prime Minister Theresa May is expected to trigger Article 50 of the Lisbon treaty later this week, starting the two-year negotiation process at the end of which the U.K. will leave the European Union.

THE WEEK AHEAD

This file photo taken on Feb. 14., 2017, shows Federal Reserve Board Chairwoman Janet Yellen during a hearing on Capitol Hill in Washington.

AFP/Getty Images

Fed, G-20 finance ministers meeting, U.S., China data. The week will be dominated by the Federal Reserve’s two-day meeting and the G-20’s finance ministers meeting in Germany. The U.S. and China will release data that should shed some light on the current state of the world’s largest economies.

On Tuesday, China will publish data for the combined January and February period (release time is Monday night in the U.S.). Economists expect January-February industrial production growth will be 6.1% year on year and fixed-asset investment growth to be 8.3%. Germany’s chancellor Angela Merkel will on Tuesday fly to the U.S. to meet President Donald Trump, bringing with her a sound warning that a planned tax overhaul could resultin retaliatory measures. On Wednesday, U.S. inflation and retail-sales numbers, released separately by the Labor and Commerce departments, will help show whether the economy continues to warm up.

Federal Reserve officials have signaled they will raise their benchmark interest rate by a quarter percentage point at their meeting concluding Wednesday. The Bank of England, on the other side of the pond, is forecast to hold the interest rate stable when its Monetary Policy Committee meets Wednesday. That same day, Dutch voters will go to the polls to vote on their next government. A win by populist Geert Wilders could rattle European and international markets.

On Thursday, the Swiss National Bank is expected to keep its key deposit rate at minus 0.75%, but given the continuing upward pressure on the Swiss franc, a cut can’t be ruled out. On Friday, world finance chiefs gathering for a two-day confab in Baden-Baden, Germany, will seek reassurance from new U.S. Treasury Secretary Steven Mnuchin that the Trump administration isn’t about to reject the existing international rules-based order and trigger a global trade war.

Volkswagen pleads guilty. Volkswagen AG pleaded guilty to criminal charges for rigging diesel-powered vehicles to cheat on government emissions tests, capping the final significant U.S. legal settlement expected in a long-running deception that hammered the German auto company’s reputation and finances.

Caterpillar Inc. tax probe escalates.Federal agents raided the company’s Peoria, Ill., headquarters and two locations nearby last week. Now it faces questions about whether it follows U.S. export rules.

Wal-Mart doubles down in Brazil.Facing lackluster sales in the world’s fifth-largest consumer market, Wal-Mart Stores Inc. is making a contrarian bet in Brazil, investing heavily to revamp its U.S.-style big-box stores even as shoppers increasingly flock to smaller, cheaper options.

Uber to block bid to form a union.The company said a union would threaten the freedom of its drivers. It also hinted that it may leave Seattle if a union forms. The union could prevent Uber and Lyft from changing fare changes suddenly and would advocate for more consistent wages.

Lloyds, IBM to strike deal. Lloyds Banking Group PLC is about to outsource many of its computer systems and to shift more than 1,900 jobs to International Business Machines Corp. in a deal worth £1.3 billion ($1.6 billion), the Financial Times reports.

Toshiba Group said to sell Tec Corp. shares.Shares in Toshiba Tec Corp. rose more than 6% in early Monday trading after a report alleged that Toshiba Corp., the parent, is considering selling shares in the company, Reuters reports.

Alitalia SpA’s turnaround strategy yields no results.Etihad spent €400 million ($427 million) to acquire control of the Italian airline nearly three years ago. But that hasn’t resulted in better business for Alitalia, leaving it on the brink of bankruptcy once again.

Law firms urge Trump not to cut funding for legal-aid agency. More than 150 of the U.S.’s largest law firms, including Akin Gump Strauss Hauer & Feld LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP, are urging the Trump administration to continue funding a major benefactor of civil legal services to the poor.

For-profit schools boosted by Trump’s rule-delay.For-profit colleges have seen a rise in their stocks, following a comment by the U.S. Education Department stating it would delay enforcing rules drafted under the Obama administration. These threatened to shut down hundreds of for-profit campuses in the next two years due to high debt levels among former students.

Gander Mountain files for chapter 11. Gander Mountain Co., which sells hunting, camping, fishing and other outdoor-related gear from stores across the U.S., sought chapter 11 bankruptcy protection with the goal of finding a buyer.

REGULATION

The Department of Justice building in Washington, Oct. 5, 2016.

The Wall Street Journal

U.S. extends leniency program for companies disclosing bribery.The U.S. Justice Department will extend a pilot program designed to entice companies to self-report bribery problems, an official said. The program gives a 50% discount to the bottom fine imposed under the U.S. Sentencing Guidelines for companies violating the Foreign Corrupt Practices Act if those companies self-disclose wrongdoing, fully cooperate with investigators and disgorge ill-gotten profits.

Preet Bharara’s probes likely to continue after his exit. Mr. Bharara was fired as Manhattan U.S. attorney on Saturday, after 46 more U.S. attorneys appointed during the Obama administration were asked to step down. However, his departure is unlikely to significantly impact the course of several ongoing investigations.

Venezuela wins appeal on Exxon Mobil payment. A World Bank arbitration panel has determined that Venezuela won’t have to pay $1.4 billion to Exxon Mobil Corp. for confiscating company assets during a wave of nationalizations.

Republican health plan to delay ‘Cadillac tax.’For more than seven years, Republicans have complained about the so-called Cadillac tax on the most expensive job-based health-insurance plans. But their health-care legislation—which abolishes the rest of the 2010 health law’s major tax increases—would only delay, but not repeal the tax.

SEC denies application for bitcoin ETF.The Securities and Exchange Commission denied an application for the first exchange-traded fund that would track the price of bitcoin, a high-profile rejection for the digital currency and the Winklevoss brothers behind the proposal.

Singapore bans Ex-Goldman banker. Singapore’s central bank banned a former Goldman Sachs Group Inc. banker from operating in the financial sector and said it plans to ban three more people from other banks, following investigations linking them to alleged financial fraud involving Malaysian state fund 1Malaysia Development Bhd.

Credit reports to exclude negative information.Tax liens and civil judgments soon will be taken off people’s credit reports, the latest move to omit negative information from the powerful financial scorecards. The decision by the three major credit-reporting firms— Equifax Inc., Experian PLC and TransUnion—could help boost credit scores for millions of U.S. consumers, but could pose risks for lenders.

Koss Corp., a Milwaukee maker of headphones, said Chief Financial Officer David Smith plans to retire, effective June 30. Mr. Smith will be staying on through June 30 to assist with the transition of his responsibilities to his successor. He has served in his role since January 2010.

Allianz SE, a German insurance firm, has appointed Giulio Terzariol as head of finance, controlling and risk management, effective Jan. 1, 2018. He takes over from Dieter Wemmer who will leave the company toward the end of the year. Mr. Terzariol has been with Allianz for the past 19 years and last served as CFO of Allianz Life in the U.S. Compensation details were not immediately disclosed.

William Hill PLC, a British betting and gaming company, has named finance chief Philip Bowcock as chief executive, effective immediately. Mr. Bowcock was appointed interim CEO in July 2016 following the departure of James Henderson who left in July. Mr. Bowcock will receive a base salary of £600,000, according to a regulatory filing.

Manz AG, a German machine builder, has appointed a new finance chief, effective June 1. Gunnar Voss von Dahlen will become finance chief following the departure of the company’s current CFO Martin Hipp. Mr. Hipp will vacate his position on March 31. Compensation details weren’t immediately available.

The Morning Ledger from CFO Journal cues up the most important news in corporate finance every weekday morning. Rheaa Rao contributed to today’s Ledger. Send us tips, suggestions and complaints: kimberly.johnson@wsj.com.

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